Shinhan Card patents its blockchain-powered payments system

Seoul-based payments company Shinhan Card has designed a blockchain-based transaction system and successfully patented it, The Korea Times writes.

Besides enabling payments, the system will also allow credit card users to set a maximum spending limit and monthly instalments. Shinhan Card’s blockchain system aims to introduce app-to-app, cardless transactions and could pose a threat to payment intermediaries like credit card firms, value-added network service providers and payment gates.

“[This is] a notable advancement from the status quo, whereby most blockchain-based services available are limited to cash wiring or user identification for online transactions,” a Shinhan Card official said.

The company was awarded the patent a year and a half after carrying out a feasibility study.

According to the Shinhan Card official, it is looking into expanding the patent to European countries, the U.S., Japan, China, Vietnam and Indonesia.